Arcapita to sell Varel International to Sandvik for $740 mln
DUBAI Feb 3 (Reuters) - Bahrain-based investment firm Arcapita said on Monday it agreed to sell U.S.-based Varel International to Sweden's Sandvik AB for a total transaction value of $740 million.
Varel, headquartered in Texas, is a manufacturer of drill bits for the oil and gas, and mining and industrial industries.
Arcapita, which originally bought the company in 2007, said the Varel sale was still subject to regulatory approvals, and that it hoped to conclude the deal by the end of the first half of 2014.
Sandvik said on January 7 that it was buying Varel for $740 million and that the transaction would be slightly accretive to earnings per share in the first year.
- Deadly gun attack in eastern Ukraine shakes fragile Geneva accord |
- Japan expands army footprint for first time in 40 years, risks angering China
- Prosecutors extend Korea ferry captain's detention as death toll mounts |
- Pfizer considers $100 billion bid for AstraZeneca: report
- South Korea recovers first bodies from inside sunken ferry